COMMERCIAL.

Poverty Bay Standard, Volume III, Issue 229, 9 December 1874, Page 2

COMMERCIAL.

THE NEW ZEALAND INSURANCE COMPANY. (From the New Zealand Herald, December 1.) To-day the New Zealand Insurance Company commences business with its increased capital of £1,000,000, of which £200,000 is paid up, while there is a re-insurance fund of £lO,OOO provided for. The extraordinary success of this company has been so frequently a subject of remark that there is little need to sing its praises in a repetition of figures, or to record in tabulated columns the rapid strides it has made year by year since 1859. The establishment of new offices in the colony has in no degree lessened its business, as was proved by the last half-yearly balance-sheet, in which it was shewn that, notwithstanding the increased competition, the premiums for the half-year ending 31st of May last, amounted to £63,216, or an increase of £18,790 upon the preceding half-year, and an increase of £11,495 upon the corresponding half-year of 1873. The rapid progress of the company since its establishment fourteen years since, when in 1859 its premiums only amounted to £5,390, to its present standing, when its premium receipts were, as per last half-yearly statement, £107,613, is matter of history in commercial circles.

Fr m Napier we learn that Mr J. Turley reports a good attendance at his sale at Waipawa. The following prices were realised : —Cows and calves, £7 10a; th ree-y ear-old steers, £6 10b ; yearlings, from £2 to £3 4* per head; hacks, from £lO 10s to £2O 10s; light draught, £3l. London, November 19. The colonial wool sales opened on the 17th inst. The total arrivals amount to over 80,000 bales. Upwards of 5,500 bales have been offered. Cape of Good Hope wools preponderated. Home buyers are more numerous than foreigners. The biddings commenced with great spirit, and ranged much about the same as at the last series. Alexander M’Ewan, a speculator on the Stock Exchange, has failed, with liabi.it ies £400,000. Wheat firmer; Australian is worth from 49s to 54s per quarter. The following is a telegram from the New Zealand Loan and Mercantile Agency, dated London, November 18th. The wool sales opened level with the last sale. They comprise about 88,000 bales ; 7000 bales have been sent to the manufacturing districts direct. For Cape of Good Hope scoured fleeces the market is easier.